L&G has launched a digital application process for annuities, which could reduce the time it takes an application to complete by 14 days.
The provider said the new process, L&G Apply, will significantly streamline the annuity process so that advisers can add greater value for their clients. As well as removing the need for a wet signature, a digital approach also reduces the possibility of mistakes as applications are clearly signposted and help available at key points.
L&G Apply uses an intuitive dashboard where advisers can select the quote and pre-populate with information automatically pulled through and validated to decrease the possibility of errors. The service will automatically provide updates as the application progresses right up to receipt of funds.
The launch, which will be piloted with select firms, is expected to be more broadly available in the second half of 2025.
It comes as L&G announced a 48% surge in retail annuity sales totalling a record £2.1 billion for 2024.
Cecilia Furner, distribution director, retail retirement at L&G, said: “L&G Apply is set to revolutionise the intermediary annuity experience with a faster, more efficient, and digitally integrated solution for annuity applications. This innovative system demonstrates L&G’s commitment to enhancing customer and intermediary experiences through cutting-edge technology and digital transformation, reflecting how financial planners work in today’s digital age.
“The time saved using L&G Apply enables intermediaries to do their job to the best of their ability and add the most value for their clients. We’re therefore delighted that we’re able to offer this solution and significantly reimagine the way the industry approaches annuity applications.”
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